Key points - commercial

By the year-end and ahead of management expectations, all TR business units traded profitably whilst stocks were reduced by £3.8m

Recovering optimism coming through from customers and key TR sectors

Market positioning substantially improved, both domestically and with multinationals

Sales daily run-rate continues to perform well and enquiry levels are higher than for many months. Global sales contracts secured beginning to come on stream and the focus on key sectors is driving further opportunities

Trading in Asia remains buoyant in both manufacturing and in distribution, whilst UK, Europe and the US are beginning to recover

Broadening leadership team to drive strategy

The uplift in Q4 in the year being reported has continued into Q1 of the current financial year and we would hope to report further positive news as we go through the period. Our focus will remain sales-led with margin improvement, tight control on costs and working capital, the reduction in debt and the ability to continue to generate cash. The on-going optimism of customers from within the key sectors we serve which include medical equipment, electronics and automotive, provides a solid foundation for us to remain cautiously optimistic that Trifast is now positioned for recovery.

We anticipate the Group will make further progress during this current financial year as we implement “Phase 2” of our growth strategy and the Directors are confident that TR remains on target with its three-pronged strategy and stated objective to return the business back to stronger levels of profitability.